Forex Friday

Alexandros Yfantis • Jan 27, 2017 at 11:48 AM EST

The Dollar index has provided bullish divergence signals.

In a previous post, I warned Dollar bears that the time for a Dollar bounce was near and since yesterday we have confirmation signs of bottoming process in the Dollar and strengthening signs. The Dollar index has provided bullish divergence signals.

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Although still inside the bearish channel and below the Ichimoku cloud, I believe if we see a pullback in the Dollar index we should be buyers expecting a bounce out and above the Ichimoku cloud towards 102. There is also a scenario that is even more bullish where we have finished a wave 4 correction in the Dollar index and we should now start wave 5 up towards new highs.

(Click on image to enlarge)

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